Day trading pre-market open October 24

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.


Outlook for the day: Negative for a fourth session after resource stocks underperform during a mixed session on Wall Street.

ASX futures: down 15 points or 0.22%


Overnight themes:

• Wall Street's main indices finish mixed as treasury yields back off multi-year highs and traders await trading updates this week from the US's largest companies.
• The Nasdaq, home to many of the market's growth stocks, rallies, while the blue-chip stocks of the Dow retreat and the S&P 500 fades late in the session.
• Rate-sensitive stocks rise as the yield on 10-year US treasuries retreats after cracking 5% for the first time since 2007. The 10-year yield was lately back at 4.852%.
• Bond markets rally after hedge fund manager Bill Ackman tweets that he has closed his bet against treasuries because "there is too much risk in the world to remain short bonds".
• "Investors are of the opinion that the 10-year has peaked or is likely to peak... We've seen the market do so poorly the last week, it could simply be a reflex action, a counter-trend rally that might last for only a day" - Sam Stovall, chief investment strategist at CFRA Research.
• Market megacaps rally ahead of Q3 earnings reports this week. Microsoft and Alphabet (Google) report tonight, Meta Platforms (Facebook) on Wednesday and Amazon on Thursday.
• The three sectors dominated by megacap growth stocks log gains. Communication services rises 0.72%, tech 0.42% and consumer discretionary 0.21%.
• Resource stocks under-perform. Energy loses 1.62%. Materials gives up 1.07%.
• Brent crude drops back under US$90 a barrel as the international community works to de-escalate the Israel-Hamas conflict. Prices ease as the weekend passes without a ground assault on Gaza.
• Iron ore falls for a third straight session following reports of steel producers halting furnaces for maintenance amid weak sales. Steel and steel-making prices also decline.

Key events today:

• Flash manufacturing, non-manufacturing PMIs - 9.30 am AEDT
• Conference address by RBA Governor Bullock - 7 pm
• US flash manufacturing, non-manufacturing PMIs - tonight

S&P 500: down 7 points or 0.17%

Dow: down 191 points or 0.58%

Nasdaq: up 35 points or 0.27%

Dollar: up 0.22% to 63.33 US cents

Iron ore (Dalian): down 2.5% to US$114.13

Brent crude: down US$2.33 or 2.5% to US$89.83

Gold: down US$6.60 or 0.33% to US$1,987.80

NYSE Arca Gold Bugs: down 0.85%

Copper (LME): up 0.47% to US$7,985.50

Nickel (LME): down 2.36% to US$18,200

Lithium carbonate (China spot): down 0.87% to US$23,819

Global X Lithium & Battery Tech ETF: down 0.8%

BHP: down 0.01% (US); down 0.6% (UK)

Rio Tinto: down 0.31% (US); down 0.81% (UK)